Tax and Small Business Update

    NEWS ALERT/UPDATE

    We at Buckingham Business Advisors understand that the threat of COVID-19 is affecting many of our small business and individual clients. Though we have had to take many precautions within our company, we are not suspending or closing operations and are committed to continuing to service our clients. We are not currently meeting face-to-face with clients, but we can absolutely communicate via phone, video, or email.

    As mentioned in an earlier email, we have been anticipating that the IRS would announce an extension of the April 15 filing deadline. They previously announced an extension to pay any tax due to July 15 without any additional penalties or interest. The extension also applied for those who had an estimated payment due. As expected, earlier today, Steve Mnuchin, US Treasury Secretary, announced that the actual due date for 2019 returns had been extended from April 15 to July 15. As of this writing, we are still waiting to hear whether this also extends the second estimate (for those who make them) due June 15. We are also waiting to hear on whether the deadline to make IRA contributions for 2019 has been extended. What this means for us is that with the government restrictions from the coronavirus, we have had to redirect much of our time and effort to change procedures and increase communications. We will continue to process returns as quickly as we can, and will be in contact with clients as to the best way to get the return information and forms to you for processing. For those with tax due, the urgency to get that to you so that you can make payments is now reduced. We don’t foresee long delays in our processing times, but we do expect that our timelines for processing will be longer than usual. We appreciate your patience as we all navigate these unexpected hurdles and look forward to working with you to complete your returns as quickly, accurately and efficiently as we can given these new constraints.

    We are here to help answer questions you have that may be related to how we can securely and safely share information with each other, taxes owed with your 2019 tax returns, 2020 1st Quarter estimated taxes, how to seek SBA assistance with either deferring payments on an existing loan or considering a new loan, and how to address unemployment benefit options for yourself or your employees. We have pulled together the following resources to help aid our clients during this time:

    IRS Tax Relief

    https://www.irs.gov/coronavirus

    SBA – Small Business Guidance & Loan Resources

    https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19

    SBA – Disaster Loan Assistance – 3-Step Loan Process

    https://disasterloan.sba.gov/ela/

    CDC Guidance for Business/Employers

    https://www.cdc.gov/coronavirus/2019-ncov/community/guidance-business-response.html

    Expanded Unemployment Benefit Access

    http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm

    U.S. Chamber Guidance for Employers to plan and respond

    https://www.uschamber.com/sites/default/files/guidance_for_employers_to_plan_and_respond_to_coronavirus.pdf

    State of the virus in Ohio

    https://coronavirus.ohio.gov/wps/portal/gov/covid-19/home

    IRS Filing and Payment Deadlines Questions and Answers

    https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

    Families First Coronavirus Response Act

    https://sbshrs.adpinfo.com/covid19-stimulus-package